Currently, applications have to make changes periodically to keep up with Swift Standards. Swift is a company that provides a hub for banks and larger corporations to communicate in a standard format account balances and transactions. Any application responsible for producing Swift messages has to validate there were no negative impacts/defects when making changes. Any negative impact is costly as such applications are dealing with money movements.
SWIFT stands for the Society for Worldwide Interbank Financial Telecommunications. It is a messaging network that financial institutions and banks use to securely send and receive information and instructions through a standardized system of codes. SWIFT assigns each financial organization a unique code that has either eight characters or 11 characters. The code is called interchangeably the bank identifier code (BIC), SWIFT code, SWIFT ID, or ISO 9362 code.
Periodically, SWIFT will produce releases that incorporate changes to certain Swift statements. There is a problem today when applications make changes to these statements because there is no product or tool that allows the development team to compare statements before and after in an accurate manner. As a result, development teams are not able to address the true impact of a change without visually seeing what other portions of the statements were impacted.
These and other drawbacks exist.